While the majority of middle-class Americans in their 40s and 50s are saving for retirement, getting rid of debt is a more pressing concern. Among that group, 33 percent say their top savings priority for 2019 is paying off debt, according to a new report from AARP and the Ad Council. That ranked ahead of
Amazon founder and billionaire investor Jeff Bezos and his wife of 25 years, MacKenzie, announced via Twitter Jan. 9 that they were parting ways. The couple, who wed one year before the founding of the now giant retail company, reportedly do not have a prenuptial agreement. Bezos, 54, is worth as much as $160 billion
Credit scores have been steadily rising since the Great Recession, averaging over 700 for the first time ever. But if you’re not there yet, there is good news. New criteria will weigh how you manage the cash in your checking and savings accounts, which means the good financial habits you practice today can have a
Even if you don’t fancy yourself the next Jeff Bezos, it can be worth thinking about your current assets and potential for future wealth before you get married. Amazon’s CEO and his wife, MacKenzie, announced Wednesday via a tweet that they intend to divorce. TMZ reported Thursday that the couple did not have a prenuptial
Uncle Sam may be on hiatus. That doesn’t mean your tax payments aren’t still due. If you’re making estimated payments, the money for the fourth quarter of 2018 must be paid by Jan. 15. And no, you do not get a reprieve because of the government shutdown. Not all government entities are out of commission.
If you’re looking for more money to meet your 2019 budget goals, there’s good news: You may not need to make more money. And there’s bad news: You will need to increase your efforts to make more of the money you do have. That can mean paring back on areas of your budget where you’ve
A few days ago, Will Kohler, a tax examiner for the IRS, filed for unemployment. He’s been out of work for three weeks now due to the gridlock in Washington, D.C. “It seems like it’s going to go on forever,” Kohler, 55, said, from his house in Covington, Kentucky. “I need to eat.” He has
Hello, San Antonio! Seniors residing in this Texas city have the have the largest non-mortgage debt balances. Those were the findings from a study by LendingTree. The site, an online loan marketplace, analyzed the data of more than 75,000 of its users. Excluding mortgages, residents of San Antonio between 65 and 70 years of age
The IRS has assured taxpayers of two key concerns during the ongoing federal government shutdown — the tax season start date and the availability of refunds — but accountants say the tax-filing season could still be painful. Earlier this week, the tax agency said that it would kick off the income tax–filing season on Jan.
Stashing some cash in savings account used to be the monetary equivalent of stuffing money in a mattress. Those days are over. In 2018, high-yielding savings accounts outperformed the stock market for the first time in over a decade. As a result of rising interest rates, savings rates — the annual percentage yield banks pay
Consumers were rightfully feeling merry about the holidays, but the ensuing debt hangover — along with a market downturn, rising interest rates and a government shutdown that’s now in its third week — could dampen all of that cheer. While the surge in spending last month may have contributed to the best holiday shopping season
The IRS announced on Monday night that income tax filing season would begin on Jan. 28 and that it would pay refunds to taxpayers, in spite of the government shutdown. The agency said that it would recall a “significant portion” of its workforce, summoning them back to work without pay. A spokesman for the IRS
With mortgage rates poised to rise, it might be time to dust off a strategy that could help prospective homeowners afford their new abode. TransUnion, one of three major credit bureaus, predicted that the average interest rate on a 30-year mortgage would approach 5 percent by the end of 2019. This rate is a far
If you haven’t made retirement savings a priority, now is a great time to start catching up. That is because retirement plan contribution limits have been pushed higher for this calendar year. The IRS has increased the amount employees can sock away in their 401(k) plans in 2019 to $19,000. That’s up from $18,500 in
Individual investors may want to add one more resolution to their lists for 2019: Watch their backs. More than a decade after the financial crisis, individual investors are still viewed as the best guardians of their own personal financial security. The aftermath of the crisis prompted new efforts to boost protections for individuals, with many
If you’re a federal employee, you probably rang in the New Year worrying about whether you will get paid. That is because a partial government shutdown started at midnight on Dec. 22. As of Jan. 3, the closure reached the 13-day mark. The longest government shutdown lasted 21 days, under President Bill Clinton. Approximately 800,000
Most people don’t think about ringing in the New Year by taking a closer look at their paycheck, yet financially it’s a very good move. “Any time there is a change in the tax bill is an automatic reason to check your withholding and make sure that’s current,” said Daniel Routh, a certified financial planner
As the partial shutdown of the federal government closes in on the two-week mark, a new worry has emerged: the possibility that some tax refunds may be delayed. Congress and President Donald Trump have been in a standoff over funding for a border wall, while about 800,000 federal employees are furloughed or working without pay.
On Christmas Eve, Cory Binsfield, a landlord in Duluth, Minnesota, received bad news from a couple of his tenants: their rent will be late. Normally, Binsfield dings tenants who are more than five days behind with an 8 percent late fee and if he doesn’t see their payment for two weeks, the lawyers get called.
Nearly two weeks into a partial government shutdown, hundreds of thousands of federal workers are furloughed or working without pay. That’s longer than most can get by without income, considering that over three-quarters of all full-time workers are living paycheck to paycheck, according to a report from CareerBuilder. From personal loans to credit card advances,
If you get health care through the Veterans Health Administration and are nearing your 65th birthday, don’t overlook whether Medicare would make sense for you. While not all military veterans rely on VA health care, those who do might not realize they can use Medicare alongside their existing benefits. “Many are in the dark about
Two major mortgage lenders are rolling out assistance programs to help customers who have been affected by the government shutdown. Congress and President Donald Trump have been at a stand-off over funding for a border wall. In all, about 800,000 federal employees are expected to be furloughed or working without pay. Affected workers are already
As a result of the partial government shutdown, Leo, a tax examiner for the IRS in Ohio, has been out of work for 10 days now. He cannot pick up his more than $200 insulin prescription because he doesn’t know when his next pay check will come. “I have to save every penny right now,”
Can you spare $5 a day? If so, you could become a millionaire — one day. “If you start in your 20s with a couple of reasonable investments, you can’t avoid becoming a millionaire,” said Michael Taylor, author of “The Financial Rules for New College Graduates.” However, many young people today put off investing. More
How much are you willing to shell out in the hopes of making your New Year’s resolution stick? New survey data from software maker Quicken found that 56 percent of people who make New Year’s resolutions spend money to stay on track – often hundreds or even thousands of dollars. (See chart below.) The company
Every financial New Year’s resolution is the same: Manage your money better. Yet different situations or goals call for different tweaks. Are you a millennial paying off college loans and making it work on an entry-level salary? Are you a Gen Xer wondering how to save for retirement as well as your kids’ college tuition?
When Kevin Zraly first started studying wines almost 50 years ago, it wasn’t the most popular alcoholic beverage in the U.S. “People looked at me like I was nuts studying wines,” Zraly said. “All my friends were drinking beer.” At 21, Zraly hitchhiked to California to get exposure to the wines there. And after graduating
Here’s one good reason to hold off on receiving your holiday bonus this year: It’s a move that can help you save on taxes. Wall Street workers — that is, employees in the securities industry in New York City — received an average bonus of $184,220 in 2017, according to a report from the New
The hottest gift of the season could also be the least used. For the 12th year running, gift cards remain the most popular items on wish lists, according to the National Retail Federation’s annual holiday report. Gift cards topped all other potential presents, including jewelry, clothing, books, movies, music, electronics and sporting goods. The NRF
“Queen of Soul” Aretha Franklin, who died in August of pancreatic cancer at age 76, reportedly owes the IRS nearly $8 million in back taxes and penalties at the time of her passing. Franklin who also had no will or trust when she died, is under IRS audit — but an attorney for her estate